Vehículos Automotores Mexicanos
 |
|
| Semi-state controlled | |
| Industry | Automotive |
| Fate | Defunct |
| Predecessor | Willys Mexicana |
| Successor | Renault de México |
| Founded | 1946 |
| Defunct | 1989 |
| Headquarters | Mexico City,, Mexico |
|
Area served
|
Mexico |
|
Key people
|
Raúl Netzahualcóyotl Valdez |
| Products | passenger cars, luxury sedans, performance cars, SUVs |
| Parent | Sociedad Mexicana de Crédito Industrial |
Vehículos Automotores Mexicanos S.A. (VAM) was a Mexican automaker from 1946 to 1989.
The original organization, a distributor and license manufacturer for Willys-Overland and AMC vehicles, became government controlled in 1963 with American Motors Corporation (AMC) holding a minority interest. The company imported and produced automobiles and light trucks under license from Willys, AMC, Eagle, Jeep, Chrysler, Renault and designed their own vehicles based on AMC platforms. The early-1980s collapse of the Mexican economy forced a sale of the Mexican government's interest in VAM to Renault, which shut down the firm in the late 1980s. The Mexican government maintains the rights to the VAM name and brand to this day.
Vehículos Automotores Mexicanos was established as its own company 1963 after the Mexican Government passed a law to control the privately owned Sociedad Mexicana de Credito Industrial (SOMEX), the parent company of Willys Mexicana S.A. (established since 1946 as a local manufacturer and distributor for Willys-Overland Jeeps and used both the names VAM and Willys Mexicana on its products) that held the license to produce and import AMC Ramblers. Willys Mexicana was transformed into VAM in 1963 after an agreement between American Motors Corporation (AMC) and the Mexican Government. After the restructuring of the original company, VAM proceeded to the construction of its own engine plant located in the municipality of Lerma, Estado de México. At the same time, AMC took a 40% equity interest in VAM, but did not actively participate in the company's management. Government content regulations required VAM vehicles had to have at least 60% locally sourced parts.
AMC's stake in VAM passed into the hands of Renault in late 1980 when Renault assumed the majority (controlling) ownership of AMC. The last AMC based cars were produced in 1983, the same year the last two wheel drive cars were produced by AMC in the US. Beginning in 1984 the company produced several Renault models as VAM vehicles.
Financial problems during a collapse of the Mexican economy (recession and devaluation of the Mexican peso, beginning in 1982) forced the eventual sale of the Mexican government's interest in the company to Renault. The Mexican government actually paid Renault some US$200 million to take over VAM and assume its debts in 1987. Renault then closed VAM down.
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Wikipedia